How many countries are in the Euro area?
A) 19
B) 27
C) 21
D) 11
A
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Refer to Pollutants. Suppose transactions costs are zero. Also suppose the chemical plant is not liable for the farm's crop damages and can continue to pollute the stream. What will be the result of private bargaining between the farm and the chemical plant?
A chemical plant's production adds pollutants to a stream which irrigates a farm's crops. The pollutants damage the farm's crops, increasing the firm's costs by $800 per month. The crop damage may be eliminated in two ways: the chemical plant can install a new filtering system costing $300 per month, or the farm can install a new irrigation system costing $600 per month. a. The chemical plant will pay the farm $800 per month in crop damages. b. The farm will bear the $800 per month cost of crop damages. c. The chemical plant will install the new filtering system. d. The farm will install the new irrigation system.
Skill-biased technological change increases wage inequality by altering the ________ high-skilled workers relative to low-skilled workers.
A. reservation price of B. supply of C. demand for D. mobility of
Consider a Wal-Mart supercenter and a 7-Eleven store. In the long run,
A) Wal-Mart or 7-Eleven may have economies of scale depending on how many customers are served. B) Wal-Mart will definitely have lower average costs because supercenters serve many more customers. C) The 7-Eleven store will definitely have lower average costs because their small stores are cheaper to build. D) Wal-Mart's average total cost will decline faster than the 7-Eleven store and experience diseconomies of scale. E) The 7-Eleven store's average total cost will be lower than Wal-Mart's and always experience economies of scale.
Hospitals typically include all their sunk costs when deciding how much it costs them to provide services because
A) each patient benefits from the hospital's being adequately equipped. B) hospital administrators have no incentive to be efficient. C) no hospital could continue operating if it wasn't able to cover its sunk costs. D) the payments they receive are largely based on what they say are their costs. E) they are non-profit institutions and hence are in general poorly managed.